If you are a trust fund kid, why do you work?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because it’s embarrassing not to have a job. It’s generally not socially accepted unless you are a SAHM or over sixty. People think you are lame and parties can be hard because you don’t have an answer to “so what do you do?”

I would have no problem answer "whatever I want."

Not PP, but honestly you would. It’s not like your friends are available to hang out with you during the day. They all work. If you don’t work you get a lot of weird looks while people try to figure out if you’re unemployed, lame or rich. You would enjoy it less than you think. Also if you start hanging out with other rich people you will find it’s a hyper competitive small place where people measure status in different ways, none of which are particularly interesting or important. Humans need work - or a really intensive hobby - or you will be both bored and boring. Personally I’ve always preferred to work so I can be more anonymous.

yikes. this isn't true.

A lot of trust funds kids don't work... well they do but not in the conventional sense that most Americans know of.

They hang out with

For example, check out Hannah Bronfman. Daughter of a billionaire. She works but not works if you get the gist. Her friends are in the seam realm as her.

Same can be said of Georgina Bloomberg. Daughter of billionaire as well. She rides horses but that's not really 'work' in the traditional sense. Plus, she is not doing it throughout the year.

You don't know as much you think you do.

I live in NYC and there is a cohort of trust fund millennials who don't work lol

[Anonymous]

Because I love what I do, because I love the people I work with, because I'd be a terrible SAHM, because it gives our family health insurance, because working full time helps me be a better parent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Let’s stay on topic. Being a trust fund kid means getting access to $$ at a young age, generally 21 and under. If you inherit $$ in your 30s or 40s, you were clearly never a trust fund KiD 🤨

So the OP is asking only kids 21 and under why they still work? Don’t think so.

And any parents who give their kids access to a trust that young are complete idiots.

She's asking why people who got access to trusts in their early 20s work

[Anonymous]

Anonymous wrote:Because I love what I do, because I love the people I work with, because I'd be a terrible SAHM, because it gives our family health insurance, because working full time helps me be a better parent.

Fraud Alert. If you're truly wealthy you wouldn't need to work to get health insurance.

Also, doctors that serve the wealthy a lot of the times don't even take insurance. They're also concierge doctors more often than not.

[Anonymous]

Anonymous wrote:I’m married to a trust funder. We both work, albeit relatively low-paying, low-stress jobs. My kids are going to inherit a lot of money one day—and they don’t have a clue—I don’t want them to be entitled layabouts, so we try to teach by example.

lol

[Anonymous]

Anonymous wrote:

Anonymous wrote:Because I love what I do, because I love the people I work with, because I'd be a terrible SAHM, because it gives our family health insurance, because working full time helps me be a better parent.

Fraud Alert. If you're truly wealthy you wouldn't need to work to get health insurance.

Also, doctors that serve the wealthy a lot of the times don't even take insurance. They're also concierge doctors more often than not.

DP. Depends on what you define as truly wealthy. My DH is comfortably a 1%er with a trust fund, but health insurance definitely factors in to our decisions to keep working. The cost of insurance for a family on the open market is insane. Throw in a cancer diagnosis, a few other random middle-aged health scares, and the prospect of many more decades of declining health, and yeah, we’ll stick around for that employer-sponsored plan a little longer.

[Anonymous]

A trust fund can have any amount of money in it. It takes a lot to not have to work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m married to a trust funder. We both work, albeit relatively low-paying, low-stress jobs. My kids are going to inherit a lot of money one day—and they don’t have a clue—I don’t want them to be entitled layabouts, so we try to teach by example.

lol

I’m not sure why that’s funny. We both have full-time jobs, but we’re not killing ourselves with 60-hour work weeks because that would be ridiculous. Do you really think one needs a high-stress power job to demonstrate responsible adulthood? How sad.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m married to a trust funder. We both work, albeit relatively low-paying, low-stress jobs. My kids are going to inherit a lot of money one day—and they don’t have a clue—I don’t want them to be entitled layabouts, so we try to teach by example.

lol

I’m not sure why that’s funny. We both have full-time jobs, but we’re not killing ourselves with 60-hour work weeks because that would be ridiculous. Do you really think one needs a high-stress power job to demonstrate responsible adulthood? How sad.

+1, we both have more fun, interesting and flexible jobs that maybe pay less than the jobs we would have had because of my inheritance. It also puts me on firmer ground negotiating hours, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because it’s embarrassing not to have a job. It’s generally not socially accepted unless you are a SAHM or over sixty. People think you are lame and parties can be hard because you don’t have an answer to “so what do you do?”

I would have no problem answer "whatever I want."

Not PP, but honestly you would. It’s not like your friends are available to hang out with you during the day. They all work. If you don’t work you get a lot of weird looks while people try to figure out if you’re unemployed, lame or rich. You would enjoy it less than you think. Also if you start hanging out with other rich people you will find it’s a hyper competitive small place where people measure status in different ways, none of which are particularly interesting or important. Humans need work - or a really intensive hobby - or you will be both bored and boring. Personally I’ve always preferred to work so I can be more anonymous.

yikes. this isn't true.

A lot of trust funds kids don't work... well they do but not in the conventional sense that most Americans know of.

They hang out with

For example, check out Hannah Bronfman. Daughter of a billionaire. She works but not works if you get the gist. Her friends are in the seam realm as her.

Same can be said of Georgina Bloomberg. Daughter of billionaire as well. She rides horses but that's not really 'work' in the traditional sense. Plus, she is not doing it throughout the year.

You don't know as much you think you do.

I live in NYC and there is a cohort of trust fund millennials who don't work lol

I don’t totally disagree but there are a lot of levels to trust fund kids. The billionaires kids are just one example. I have around $7m in my trust now. It’s fantastic, but it’s not wealth at the level that I can support riding horses all day and I’m fine with it. Not needing to work doesn’t automatically out you in the jetset crowd. Some of us (most of us?) are just wealthy and quiet.

[Anonymous]

People who don't have to work to earn due to family wealth, have an entirely different attitude at work. Their stress level is lower and they aren't as into the company politics, who's getting promoted, etc. They are successful anyway. You probably work with tons of independently wealthy people and don't know it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because I love what I do, because I love the people I work with, because I'd be a terrible SAHM, because it gives our family health insurance, because working full time helps me be a better parent.

Fraud Alert. If you're truly wealthy you wouldn't need to work to get health insurance.

Also, doctors that serve the wealthy a lot of the times don't even take insurance. They're also concierge doctors more often than not.

DP. Depends on what you define as truly wealthy. My DH is comfortably a 1%er with a trust fund, but health insurance definitely factors in to our decisions to keep working. The cost of insurance for a family on the open market is insane. Throw in a cancer diagnosis, a few other random middle-aged health scares, and the prospect of many more decades of declining health, and yeah, we’ll stick around for that employer-sponsored plan a little longer.

100%. I have no idea why I occasionally go through bouts of earnestly trying to explain this stuff to people on the internet, but the whole concept of a trust is that you don’t spend the principal balance. You take the income off the principal and live on that so cases - like medical bills - that require large outlays, will lower your future income. I have a trust income of around $350k - depending on the market and I also keep my job partly for health insurance. I’m not sure why this poster is getting heckled for this. It’s just math.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because I love what I do, because I love the people I work with, because I'd be a terrible SAHM, because it gives our family health insurance, because working full time helps me be a better parent.

Fraud Alert. If you're truly wealthy you wouldn't need to work to get health insurance.

Also, doctors that serve the wealthy a lot of the times don't even take insurance. They're also concierge doctors more often than not.

DP. Depends on what you define as truly wealthy. My DH is comfortably a 1%er with a trust fund, but health insurance definitely factors in to our decisions to keep working. The cost of insurance for a family on the open market is insane. Throw in a cancer diagnosis, a few other random middle-aged health scares, and the prospect of many more decades of declining health, and yeah, we’ll stick around for that employer-sponsored plan a little longer.

100%. I have no idea why I occasionally go through bouts of earnestly trying to explain this stuff to people on the internet, but the whole concept of a trust is that you don’t spend the principal balance. You take the income off the principal and live on that so cases - like medical bills - that require large outlays, will lower your future income. I have a trust income of around $350k - depending on the market and I also keep my job partly for health insurance. I’m not sure why this poster is getting heckled for this. It’s just math.

Agree. I have some trusts and received a large inheritance. We were wealthy beforehand and are now much more so. We did retire you but our health ins. for our family of 4 is about $5400/month. We can afford it, but it is a large enough amount that it would make anyone pause before charging ahead and paying that, month after month. (Oh, and it goes up about $300-$400 each month, every year).

[Anonymous]

I was a "trust fund kid".
Today (30 years old) I’m almost broke.
I spent about 75% of it on partying, fast women and blow.
Unfortunately, I just wasted the rest.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Because I love what I do, because I love the people I work with, because I'd be a terrible SAHM, because it gives our family health insurance, because working full time helps me be a better parent.

Fraud Alert. If you're truly wealthy you wouldn't need to work to get health insurance.

Also, doctors that serve the wealthy a lot of the times don't even take insurance. They're also concierge doctors more often than not.

DP. Depends on what you define as truly wealthy. My DH is comfortably a 1%er with a trust fund, but health insurance definitely factors in to our decisions to keep working. The cost of insurance for a family on the open market is insane. Throw in a cancer diagnosis, a few other random middle-aged health scares, and the prospect of many more decades of declining health, and yeah, we’ll stick around for that employer-sponsored plan a little longer.

Me too. Plus I'm a single parent, I would rather die than have people think that I live on one cent from my ex husband. I work to set a good example for my kids, and because its a point of pride to me to live the lifestyle I've earned, not one that my trust allows me. I would struggle, seeing the balance go down. I prefer to provide for myself with the knowledge that I always have safety net, and will have perks like early retirement.